Joe Biden is presiding over one of the worst economies in decades.
Americans are falling further and further behind under his failed policies.
And Shark Tank star Kevin O’Leary sounded the alarm on this disaster unleashed by Joe Biden.
Shark Tank star Kevin O’Leary said that inflation was the biggest issue for voters during an appearance on Fox Business.
Inflation hit four-decade highs under President Joe Biden after he went on a reckless multi-trillion dollar spending spree paid for with debt.
The Federal Reserve has been aggressively hiking interest rates to quell inflation but it’s proven to be stickier than the economic experts predicted.
O’Leary said that inflation is creating a “downsized” country.
“We’re looking at a downsized America. I tell it like it is,” O’Leary said. “Three years ago, even 24 months ago, you get a mortgage at 4.5%. You’re lucky to get one at eight today. So that means the size of the house you’re going to buy is 20 to 25% smaller. That’s a downsize.”
Skyrocketing interest rates on mortgages are crushing the purchasing power of homebuyers.
“You want to borrow for a car? Sorry, that’s 8 to 9%. Used to be five,” O’Leary continued. “So, smaller, less expensive car. That’s happening at the same time.”
The price of new and used cars has exploded under Biden from rising interest rates and inventory shortages.
Interest rates are at their highest level in 22 years and could be on the rise again shortly.
The Federal Reserve kept interest rates steady but left the possibility open for an additional rate hike before the end of the year because inflation “remains elevated.”
O’Leary, known as Mr. Wonderful on TV, said that the Fed’s decisions on interest rates are affecting Americans’ decisions and lifestyles.
“If you’re going to spend a lot of money driving, you’re going to pay a fortune in gasoline because that’s moving back up. Looks like we’re on our way back up to oil between $90 and $100. These are all political issues,” O’Leary said. “In this unprecedented year . . . it’s going to hurt somewhere. And it means your lifestyle, if you’re in your early twenties, is going to be about 20% less. Sorry to tell you the truth, but that’s what I do all day long and that’s the way it is.”
The Shark Tank star predicted that inflation wasn’t returning to normal levels any time soon.
“People are looking at the cost of energy, protein, car loans, mortgages,” O’Leary explained. “And these are complicated situations because of the rate hikes that happened so quickly. But there’s no question inflation is not going down.”
Inflation could be the issue that sinks Biden in 2024.
“It will be a very hot political potato and it’s going to become an issue because it hits you every day at the pump,” O’Leary said. “It hits you every day at the grocery store and that is what really hurts mandates. Inflation has been hurting Presidential runs on both sides of the aisle for decades. It’s nasty.”
The soaring cost of living that’s hammering every American is a five-alarm fire for Joe Biden.